SLC(002106)2025-01-06 08:40Group 1: Company Overview and Financial Performance - Shenzhen Laibao High-Tech Co., Ltd. reported a total sales revenue of 5.586 billion CNY for the year 2023, with over 85% of this revenue coming from notebook computer touch screens [3][4]. - The sales revenue from the automotive touch screen segment accounts for less than 10% of the overall sales revenue [4]. Group 2: Market Trends and Future Projections - The global notebook computer shipments are projected to reach 183 million units in 2025, representing a year-on-year growth of 4.9% compared to 2024 [5]. - The demand for notebook touch screens is expected to benefit from the anticipated upgrade cycle driven by the discontinuation of Windows 10 support and the rise of AI PC products [5][11]. Group 3: Challenges and Competition - The notebook touch screen business faces increasing competition from integrated touch display technologies (On Cell/In Cell), which may impact the sales growth of external touch screens [6][12]. - The automotive touch screen segment is also under pressure from declining product prices and competition from established integrated touch display solutions [9][15]. Group 4: MED Project Overview - The Micro Electric-Chamber Display (MED) project aims to develop a new type of electronic paper display technology, with a total planned investment of 9 billion CNY [16][22]. - The MED project is expected to target the mid-to-large size color electronic paper market, with a projected global market size of 72.3 billion USD by 2025, growing at a compound annual growth rate (CAGR) of over 50% [18][19]. Group 5: R&D and Product Development - The company plans to enhance the core technology and market competitiveness of its MED products through continuous optimization of materials and production processes [20]. - The MED project is set to establish a production line capable of producing various sizes of micro electric-chamber displays, with an expected monthly output of 3.2 million units for a representative size of 12.3 inches [21]. Group 6: Financial and Operational Impact - The MED project is anticipated to incur significant expenses prior to profitability, impacting the company's overall financial performance during the construction phase [23][24]. - The project is expected to generate additional operational costs related to management, research, and development as it progresses [24].